GCI Liberty, Inc. (“GCI Liberty”) (Nasdaq: GLIBA, GLIBP) today
reported first quarter 2019 results. Headlines include(1):
- GCI(2) total revenue declined 1%
compared to the first quarter 2018
- GCI Consumer revenue down 1%, with
Consumer data revenue up 5%
- GCI Business revenue decreased 1%, with
Business data revenue up 1%
"The GCI team continues to grow data revenue while implementing
cost savings measures, including organizational restructuring, to
offset a challenging operating and regulatory environment," said
Greg Maffei, GCI Liberty President and CEO.
Discussion of Results
Unless otherwise noted, the following discussion compares
financial information for the three months ended March 31,
2019 to pro forma financial information for the same period in
2018.
Although GCI's results are only included in GCI Liberty's
results beginning March 9, 2018, we believe discussion of the
standalone results of GCI for all periods presented promotes a
better understanding of the overall results of the business. The
pro forma financial information presented herein for the three
months ended March 31, 2018 was prepared assuming the acquisition
took place on January 1, 2017. The pro forma financial information
is presented for illustrative purposes only and does not represent
what the results of operations of GCI would have been had the
acquisition occurred at that time. GCI's pro forma operating
results include acquisition accounting adjustments primarily
related to revenue, depreciation, amortization, stock compensation
and the exclusion of transaction related costs.
GCI
GCI receives support from various Universal Service Fund
("USF") programs: high cost, low income, rural health care, and
schools and libraries. The USF Rural Health Care ("RHC")
Program subsidizes the rates for services provided to rural health
care providers. In November 2017, the Universal
Service Administrative Co. ("USAC") requested further
information to support GCI's rural rates charged to a number of its
RHC Program customers for the year that runs July 1,
2017 through June 30, 2018 (the "2017 Funding
Year"). On October 10, 2018, the Federal Communications
Commission ("FCC") staff notified GCI of their decision to reduce
RHC support payments to GCI for the 2017 Funding Year by $27.8
million, an approximate 26% reduction, and to apply the same cost
methodology to subsequent funding years. Pro forma financials for
the first quarter of 2018 reflect this reduction. GCI filed an
appeal to the FCC staff decision on November 9, 2018 and a
supplemental appeal on January 29, 2019. GCI will continue to
pursue this appeal and expects to reduce future RHC Program revenue
by a similar rate until a final resolution is reached with the
FCC.
Separately, on November 30, 2018, GCI received multiple
notices from USAC denying requested funding from an RHC customer
(the "Customer") for the 2017 Funding Year. In November 2017,
USAC requested information from the Customer related to bidding
process documentation for two separate service contracts they have
with GCI. The Customer responded, but USAC denied the funding based
on the determination that bids previously received were not
submitted with the original funding request and/or that bidding
information submitted was related to the wrong bidding year. The
Customer filed an appeal with USAC on January 29, 2019 and
made a supplemental filing on March 12, 2019.
On May 6, 2019, USAC denied the appeal. As a result of the
denial, GCI has taken a reserve of $21 million and an associated
bad debt expense has been recorded that impacted operating income
and adjusted OIBDA(3), representing the portion of revenue for the
Customer that would have otherwise been subsidized by the RHC
Program recognized from July 1, 2017 through March 31, 2019. Going
forward, GCI will not recognize RHC revenue to the extent services
continue to be provided to the Customer, which has historically
approximated $12 million per year, until an adequate level of
clarity is reached on the matter and the applicable revenue
recognition criteria are met. GCI expects the Customer to
appeal the latest USAC decision to the Wireline Competition Bureau
of the FCC within 60 days.
“We are deeply disappointed by the recent appeal denial by USAC,
but in 2019 GCI will focus on our core strengths: our network speed
and reliability. The network investments we make in 2019 will bring
our urban wireless service on par with GCI’s high speed internet
service which has become a flagship product for the company," said
GCI CEO, Ron Duncan. "We believe the combination of our superior
wireline network and improved wireless service will be a
competitive advantage for the company as consumer demand for data,
especially mobile data, grows."
The following table provides GCI’s operating metrics and pro
forma financial results for the first quarter of 2018 and 2019.
(amounts in thousands, except operating
metrics) 1Q18 1Q19 % Change
GCI Consolidated
Financial Metrics Revenue Consumer $ 107,828 $ 106,590 (1 ) %
Business 107,230 106,621 (1 ) % Total
Revenue $ 215,058 $ 213,211 (1 ) % Operating
Income $ 3,844 $ (23,978 ) (724 ) % Operating Income Margin (%) 1.8
% (11.2 ) % (1,300 ) bps Adjusted OIBDA(1) $ 67,789 $ 44,471
(34 ) % Adjusted OIBDA Margin(1) (%) 31.5 % 20.9 % (1,060 ) bps
GCI Consumer Financial Metrics Revenue
Wireless $ 40,990 $ 39,907 (3 ) % Data 39,062 41,178 5 % Video
22,477 21,021 (6 ) % Voice 5,299 4,484
(15 ) % Total Revenue $ 107,828 $ 106,590 (1 ) %
Operating Metrics Wireless Lines in Service(2) 196,500
188,700 (4 ) % Data - Cable Modem Subscribers(3) 125,400 124,800 —
% Video Basic Subscribers(4) 93,900 86,700 (8 ) % Homes Passed
252,900 253,400 — % Voice - Total Access Lines in Service(5) 49,300
43,600 (12 ) %
GCI Business Financial Metrics
Revenue Wireless $ 23,803 $ 22,757 (4 ) % Data 68,327 69,035 1 %
Video 3,685 3,825 4 % Voice 11,415 11,004
(4 ) % Total Revenue $ 107,230 $ 106,621 (1 )
%
Operating Metrics Wireless Lines in Service(2) 22,100
20,900 (5 ) % Data - Cable Modem Subscribers(3) 9,200 9,000 (2 ) %
Voice - Total Access Lines in
Service(5)
37,600 35,700 (5 ) % 1) See reconciling
schedule 1. 2) A wireless line in service is defined as a revenue
generating wireless device. 3) A cable modem subscriber is defined
by the purchase of cable modem service regardless of the level of
service purchased. If one entity purchases multiple cable modem
service access points, each access point is counted as a
subscriber. 4) A basic subscriber is defined as one basic tier of
service delivered to an address or separate subunits thereof
regardless of the number of outlets purchased. 5) A local access
line in service is defined as a revenue generating circuit or
channel connecting a customer to the public switched telephone
network.
GCI revenue declined in the first quarter driven by declines in
Consumer and Business wireless revenue driven by subscriber losses,
a decrease in USF high cost support, and wholesale customers moving
backhaul circuits off of the GCI network. These declines were
partially offset by growth in both Consumer and Business data
revenue. Operating income and adjusted OIBDA declined due to the
$21 million RHC reserve, the decrease in revenue and increased
costs in the time and materials business, partially offset by
reduced selling, general and administrative expense due to lower
contract labor costs. The operating income decline was also
impacted by an increase in depreciation and amortization due to new
assets placed in service.
GCI Consumer
Consumer revenue was down 1% in the first quarter due to
declines in wireless, video and voice revenue primarily driven by
subscriber losses. These losses were partially offset by
significant growth in consumer data revenue due to customer
migration to more expensive plans offering higher speeds and data
limits.
GCI Business
GCI Business revenue declined by 1% primarily due to the
aforementioned declines in wireless revenue driven by wholesale
customers moving backhaul circuits off of the GCI network. This was
partially offset by an increase in data revenue.
Capital Expenditures
Year to date, GCI has spent $30 million on capital expenditures,
excluding capitalized interest. Capital expenditure spending was
related primarily to improvements to data and wireless networks.
GCI's capital expenditures for 2019 are expected to be
approximately $140 million, down from the $160 million expected as
of last quarter.
Share Repurchases
From February 1, 2019 through April 30, 2019, GCI
Liberty repurchased approximately 84 thousand Series A GCI
Liberty shares (Nasdaq: GLIBA) at an average cost per share
of $47.76 for total cash consideration of $4
million. The total remaining repurchase authorization for GCI
Liberty is approximately $494 million.
FOOTNOTES
1) GCI Liberty’s President and CEO, Greg Maffei, will
discuss these highlights and other matters on GCI Liberty's
earnings conference call which will begin at 5:00 p.m. (E.D.T.) on
May 9, 2019. For information regarding how to access the call,
please see “Important Notice” later in this document. 2) GCI
Liberty’s principal asset is GCI Holdings, LLC (“GCI” or “GCI
Holdings”), Alaska's largest communications provider. Other assets
include its interests in Charter Communications, Inc. ("Charter")
and Liberty Broadband Corporation, as well as its interest in
LendingTree and subsidiary Evite. 3) For a definition of adjusted
OIBDA and adjusted OIBDA margin and applicable reconciliations, see
the accompanying schedules.
GCI LIBERTY GAAP
FINANCIAL METRICS
(amounts in thousands) 1Q18(1) 1Q19
Revenue
GCI Holdings $ 56,792 $ 213,211 Corporate and other 4,412
4,525
Total GCI Liberty Revenue
$ 61,204 $ 217,736
Operating Income GCI Holdings $ 3,096 $ (23,978 ) Corporate
and other (10,465 ) (8,666 )
Total GCI Liberty
Operating Income $ (7,369 ) $
(32,644 ) Adjusted OIBDA GCI Holdings $
19,748 $ 44,471 Corporate and other (5,860 ) (6,306 )
Total GCI Liberty Adjusted OIBDA $ 13,888
$ 38,165 (1)
First quarter 2018 results include results of GCI Holdings
for the period following the GCI Liberty split-off on March 9,
2018. GCI Holdings GAAP financial statements for the first quarter
of 2018 differ from GCI Holdings pro forma financial statements due
to the impact of acquisition accounting, including deferred revenue
adjustments, depreciation and amortization of intangible and
tangible assets, RHC Program revenue adjustments and other
adjustments.
NOTES
The following financial information with respect to GCI
Liberty's investments in equity securities and equity affiliates is
intended to supplement GCI Liberty's consolidated statements of
operations which are included in its Form 10-Q for the three months
ended December 31, 2018 and March 31, 2019.
Fair Value of Public Holdings
(amounts in millions) 12/31/2018
3/31/2019 Charter(1) $ 1,527 $ 1,859 Liberty Broadband(1)
3,074 3,916 LendingTree(2) 756 1,211
Total $ 5,357 $ 6,986
(1) Represents fair value of the
investments in Charter and Liberty Broadband. A portion of the
Charter equity securities are considered covered shares and subject
to certain contractual restrictions in accordance with the
indemnification obligation, as described below. (2) Represents fair
value of the investment in LendingTree. In accordance with GAAP,
this investment is accounted for using the equity method of
accounting and is included in the balance sheet of GCI Liberty at
$174 million and $171 million at December 31, 2018 and March 31,
2019, respectively.
Cash and Debt
The following presentation is provided to separately identify
cash and liquid investments and debt information.
(amounts in millions)
12/31/2018
3/31/2019
Cash: GCI $ 100
$ 96 Corporate and other 391 326
Total GCI Liberty Consolidated Cash $ 491
$ 422 Debt: Senior Notes $ 775 $
775 Senior Credit Facility 715 715 Finance Leases and Other(1)
142 138
Total GCI Debt $
1,632
$ 1,628 Margin Loan $ 900 $ 900 1.75%
Exchangeable Senior Debentures due 2046 477
477
Total Corporate Level Debt $ 1,377
$ 1,377
Total GCI Liberty Debt $ 3,009
$ 3,005 Premium on debt and deferred financing
fees 12 69 Finance leases and tower obligation (excluded from GAAP
Debt) (135 ) (131 )
Total GCI Liberty Debt
(GAAP) $ 2,886 $ 2,943
Other Financial Obligations: Indemnification
Obligation(2) $ 79 $ 110 Preferred Stock(3) 177 177 GCI
Leverage(4) 5.2x 5.9x (1) Includes the
Wells Fargo Note Payable and current and long-term obligations
under finance leases and communication tower obligations. (2)
Indemnity to Qurate Retail, pursuant to an indemnification
agreement (the "indemnification agreement"), with respect to the
Liberty Interactive LLC ("LI LLC") 1.75% exchangeable debentures
due 2046 (the "Charter exchangeable debentures"), as described
below. (3) Preferred shares have 21-year term, 7% coupon, $25/share
liquidation preference plus accrued and unpaid dividends and 1/3
vote per share. The preferred stock is considered a liability for
GAAP purposes. (4) As defined in GCI's credit agreement.
GCI Liberty cash decreased by $69 million in the first quarter
primarily due to share repurchases. Cash at GCI was relatively flat
in the quarter as cash from operations was offset by capital
expenditures. GCI Liberty debt remained relatively flat.
Pursuant to an indemnification agreement, GCI Liberty will
compensate Qurate Retail for any payments made in excess of the
adjusted principal amount of the LI LLC Charter exchangeable
debentures to any holder that exercises its exchange right on or
before the put/call date of October 5, 2023. This indemnity is
supported by a negative pledge in favor of Qurate Retail on the
reference shares of Class A common stock of Charter held at GCI
Liberty that underlie the LI LLC Charter exchangeable debentures.
The indemnification obligation on GCI Liberty's balance sheet is
valued based on the estimated exchange feature in the LI LLC
Charter exchangeable debentures. As of March 31, 2019, a holder of
the LI LLC Charter exchangeable debentures does not have the
ability to exchange, and accordingly, the indemnification
obligation has been classified as a long-term liability. There is
$332 million principal amount of the LI LLC Charter exchangeable
debentures outstanding as of March 31, 2019.
Important Notice: GCI Liberty (Nasdaq: GLIBA, GLIBP)
President and CEO, Greg Maffei, will discuss GCI Liberty's earnings
release on a conference call which will begin at 5:00 p.m. (E.D.T.)
on May 9, 2019. The call can be accessed by dialing (800) 458-4121
or (323) 794-2093, passcode 6435458, at least 10 minutes prior to
the start time. The call will also be broadcast live across the
Internet and archived on our website. To access the webcast go to
www.gciliberty.com/events. Links to this press release and replays
of the call will also be available on GCI Liberty's website.
This press release includes certain forward-looking statements
under the Private Securities Litigation Reform Act of 1995,
including statements about business strategies, market potential,
future financial prospects, capital expenditures, matters relating
to the Universal Service Administrative Company and Rural Health
Care program, statements about the indemnification by GCI Liberty,
the continuation of our stock repurchase program and other matters
that are not historical facts. These forward-looking statements
involve many risks and uncertainties that could cause actual
results to differ materially from those expressed or implied by
such statements, including, without limitation, possible changes in
market acceptance of new products or services, competitive issues,
regulatory matters affecting our businesses, continued access to
capital on terms acceptable to GCI Liberty, changes in law and
government regulations that may impact the derivative instruments
that hedge certain of our financial risks, the availability of
investment opportunities and market conditions conducive to stock
repurchases. These forward-looking statements speak only as of the
date of this press release, and GCI Liberty expressly disclaims any
obligation or undertaking to disseminate any updates or revisions
to any forward-looking statement contained herein to reflect any
change in GCI Liberty's expectations with regard thereto or any
change in events, conditions or circumstances on which any such
statement is based. Please refer to the publicly filed documents of
GCI Liberty, including the most recent Forms 10-K and Forms 10-Q,
for additional information about GCI Liberty and about the risks
and uncertainties related to GCI Liberty's business which may
affect the statements made in this press release.
NON-GAAP FINANCIAL MEASURES
This press release includes a presentation of adjusted OIBDA,
which is a non-GAAP financial measure, for GCI Liberty (and certain
of its subsidiaries) and GCI Holdings together with a
reconciliation to that entity or such businesses’ operating income,
as determined under GAAP. GCI Liberty defines adjusted OIBDA as
revenue less cost of sales, operating expenses, and selling,
general and administrative expenses, excluding all stock based
compensation, and excludes from that definition depreciation and
amortization, separately reported litigation settlements, insurance
proceeds and restructuring and impairment charges that are included
in the measurement of operating income pursuant to GAAP. Further,
this press release includes adjusted OIBDA margin which is also a
non-GAAP financial measure. GCI Liberty defines adjusted OIBDA
margin as adjusted OIBDA divided by revenue.
GCI Liberty believes adjusted OIBDA is an important indicator of
the operational strength and performance of its businesses,
including each business' ability to service debt and fund capital
expenditures. In addition, this measure allows management to view
operating results and perform analytical comparisons and
benchmarking between businesses and identify strategies to improve
performance. Because adjusted OIBDA is used as a measure of
operating performance, GCI Liberty views operating income as the
most directly comparable GAAP measure. Adjusted OIBDA is not meant
to replace or supersede operating income or any other GAAP measure,
but rather to supplement such GAAP measures in order to present
investors with the same information that GCI Liberty's management
considers in assessing the results of operations and performance of
its assets. Please see the attached schedules for applicable
reconciliations.
SCHEDULE 1
The following table provides a reconciliation of GCI’s adjusted
OIBDA to its operating income for the three months ended
March 31, 2018 and March 31, 2019, respectively. The pro
forma financial information presented below for the three months
ended March 31, 2018 was prepared assuming the acquisition took
place on January 1, 2017. The pro forma financial information is
presented for illustrative purposes only and does not represent
what the results of operations of GCI would have been had the
acquisition occurred at that time. GCI's pro forma operating
results include acquisition accounting adjustments primarily
related to revenue, depreciation, amortization, stock compensation
and the exclusion of transaction related costs. The pro forma
results have also been adjusted for the FCC's Rural Health Care
decision.
GCI HOLDINGS ADJUSTED OIBDA
RECONCILIATION
(amounts in thousands) 1Q18 1Q19
GCI Holdings Adjusted OIBDA $ 67,789 $ 44,471 Depreciation
and amortization (58,669 ) (66,953 ) Legal settlement (3,600 ) —
Insurance proceeds(1) — 2,500 Stock compensation expense
(1,676 ) (3,996 )
Operating Income $
3,844 $ (23,978 )
(1) Insurance payments received for damages sustained
during 2018 earthquake.
SCHEDULE 2
The following table provides a reconciliation of adjusted OIBDA
for GCI Liberty to operating income (loss) calculated in accordance
with GAAP for the three months ended March 31, 2018 and
March 31, 2019, respectively.
GCI LIBERTY ADJUSTED OIBDA
RECONCILIATION
(amounts in thousands)
1Q18(1)
1Q19
GCI
Liberty
GCI Liberty Adjusted OIBDA GCI Holdings $ 19,748 $ 44,471
Corporate and other (5,860 ) (6,306 ) Consolidated GCI
Liberty adjusted OIBDA $ 13,888 $ 38,165 Stock-based compensation
(5,236 ) (5,631 ) Insurance proceeds — 2,500 Depreciation and
amortization (16,021 ) (67,678 )
GCI Liberty
Operating Income (Loss) $ (7,369 )
$ (32,644 ) (1)
First quarter 2018 results include results of GCI Holdings for the
period following the GCI Liberty split-off on March 9, 2018.
GCI LIBERTY, INC. AND SUBSIDIARIES
BALANCE SHEET INFORMATION (unaudited) March
31, December 31, 2019 2018
Amounts in thousands,
exceptshare amounts
Assets Current assets: Cash and cash equivalents $ 422,420 491,257
Trade and other receivables, net of allowance for doubtful accounts
of $17,548 and $7,555, respectively 175,825 182,600 Current portion
of tax sharing receivable 36,781 36,781 Other current assets 34,349
40,100 Total current assets 669,375 750,738
Investments in equity securities 1,867,838 1,533,517 Investments in
affiliates, accounted for using the equity method 172,975 177,030
Investment in Liberty Broadband measured at fair value 3,915,632
3,074,373 Property and equipment, net 1,161,345 1,184,606
Intangible assets not subject to amortization Goodwill 855,837
855,837 Cable certificates 305,000 305,000 Wireless licenses
191,697 190,000 Other 16,500 16,500 1,369,034
1,367,337 Intangible assets subject to amortization, net 423,431
436,006 Tax sharing receivable 74,782 65,701 Other assets, net
163,848 71,514 Total assets $ 9,818,260 8,660,822
Liabilities and Equity Current liabilities: Accounts payable
and accrued liabilities $ 80,678 100,334 Deferred revenue 32,004
31,743 Current portion of debt, net of deferred financing costs
901,306 900,759 Variable forward 91,484 20,340 Other current
liabilities 67,490 27,618 Total current liabilities
1,172,962 1,080,794 Long-term debt, net, including $521,376
and $462,336 measured at fair value 2,042,158 1,985,275 Obligations
under finance leases and tower obligations, excluding current
portion 118,039 122,245 Long-term deferred revenue 62,324 65,954
Deferred income tax liabilities 1,064,198 793,696 Preferred stock
177,445 177,103 Indemnification obligation 110,317 78,522 Other
liabilities 121,835 50,543 Total liabilities 4,869,278
4,354,132 Equity Stockholders’ equity: Series A common
stock, $.01 par value. Authorized 500,000,000 shares; issued and
outstanding 101,078,065 shares at March 31, 2019 and 102,058,816
shares at December 31, 2018 1,011 1,021 Series B common stock, $.01
par value. Authorized 20,000,000 shares; issued and outstanding
4,441,109 shares at March 31, 2019 and 4,441,609 shares at December
31, 2018 44 44 Series C common stock, $.01 par value. Authorized
1,040,000,000 shares; no shares issued — — Additional paid-in
capital 3,212,878 3,251,957 Accumulated other comprehensive
earnings (loss), net of taxes 3,068 168 Retained earnings 1,722,471
1,043,933 Total stockholders' equity 4,939,472 4,297,123
Non-controlling interests 9,510 9,567 Total equity 4,948,982
4,306,690 Commitments and contingencies Total
liabilities and equity $ 9,818,260 8,660,822
GCI LIBERTY, INC. AND SUBSIDIARIES STATEMENT OF
OPERATIONS INFORMATION (unaudited) Three
Months Ended March 31, 2019 2018
Amounts in thousands, exceptper
share amounts
Revenue $ 217,736 61,204 Operating costs and expenses: Operating
expense (exclusive of depreciation and amortization shown
separately below) 68,893 19,819 Selling, general and
administrative, including stock-based compensation 116,309 32,733
Insurance proceeds (2,500 ) — Depreciation and amortization expense
67,678 16,021 250,380 68,573 Operating
income (loss) (32,644 ) (7,369 ) Other income (expense): Interest
expense (including amortization of deferred loan fees) (37,618 )
(8,248 ) Share of earnings (losses) of affiliates, net (3,296 )
(2,492 ) Realized and unrealized gains (losses) on financial
instruments, net 1,009,600 (71,481 ) Tax sharing agreement 9,081
(6,883 ) Other, net 2,768 1,697 980,535
(87,407 ) Earnings (loss) before income taxes 947,891 (94,776 )
Income tax (expense) benefit (269,405 ) (75,955 ) Net earnings
(loss) 678,486 (170,731 ) Less net earnings (loss) attributable to
the non-controlling interests (57 ) (39 ) Net earnings (loss)
attributable to GCI Liberty, Inc. shareholders 678,543
(170,692 ) Basic net earnings attributable to Class A and Class B
GCI Liberty, Inc. shareholders per common share $ 6.47 (1.58 )
Diluted net earnings attributable to Class A and Class B GCI
Liberty, Inc. shareholders per common share $ 6.41 (1.58 )
GCI LIBERTY, INC. AND SUBSIDIARIES
STATEMENT OF CASH FLOWS INFORMATION (unaudited)
Three Months Ended March 31, 2019
2018 amounts in thousands Cash flows from
operating activities: Net earnings (loss) $ 678,486 (170,731 )
Adjustments to reconcile net earnings (loss) to net cash from
operating activities: Depreciation and amortization 67,678 16,021
Stock-based compensation expense 5,631 5,236 Share of (earnings)
losses of affiliates, net 3,296 2,492 Realized and unrealized
(gains) losses on financial instruments, net (1,009,600 ) 71,481
Deferred income tax expense (benefit) 269,397 75,596 Other, net
2,489 243 Change in operating assets and liabilities: Current and
other assets 20,882 (20,092 ) Payables and other liabilities
(17,194 ) (1,889 ) Net cash provided (used) by operating activities
21,065 (21,643 ) Cash flows from investing activities: Cash
and restricted cash from acquisition of GCI Holdings — 147,957
Capital expended for property and equipment (40,114 ) (6,500 )
Other 803 — Net cash provided (used) by investing
activities (39,311 ) 141,457 Cash flows from financing
activities: Borrowings of debt — 1,000,000 Repayment of debt,
capital lease, and tower obligations (4,739 ) (81,386 ) Repurchases
of GCI Liberty common stock (43,910 ) — Contributions from
(distributions to) parent, net — (1,121,320 ) Distribution to
non-controlling interests — (3,272 ) Derivative payments — (80,001
) Other financing activities, net (1,929 ) (4,341 ) Net cash
provided (used) by financing activities (50,578 ) (290,320 ) Net
increase (decrease) in cash, cash equivalents and restricted cash
(68,824 ) (170,506 ) Cash, cash equivalents and restricted cash at
beginning of period 492,032 574,148 Cash, cash
equivalents and restricted cash at end of period $ 423,208
403,642
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GCI Liberty, Inc.Courtnee Chun, 720-875-5420
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